GBP/USD – 1.3141
Most recent candlesticks pattern : N/A
Trend : Near term up
Tenkan-Sen level : 1.3137
Kijun-Sen level : 1.3191
Ichimoku cloud top : 1.3222
Ichimoku cloud bottom : 1.3221
New strategy :
Stand aside
Position : –
Target : –
Stop : –
Despite yesterday’s brief rise to 1.3269, lack of follow through buying and the subsequent selloff suggests a temporary top has been formed and consolidation with downside bias is seen for test of support at 1.3097, however, break there is needed to add credence to this view, bring retracement of recent upmove to 1.3070-75 and later towards support at 1.3052 but price should stay well above support at 1.2999, bring another rise later.
In view of this, would be prudent to stand aside in the meantime. Above 1.3170-75 would bring recovery to 1.3200, however, as temporary top has been formed at 13269, reckon upside would be limited to 1.3220-30 and price should falter well below resistance at 1.3269, bring another retreat later.
